Sterne Agee CEO Joe Nunziata opens up about leadership shakeup

With offices throughout the United States and new leaders based in Orlando and New York, Sterne Agee could choose anywhere for its corporate headquarters.

But the 113-year-old investment banking and brokerage firm's new management team previously said the company's headquarters will remain in Birmingham.

When I met with the new leadership team yesterday, I asked them why. They gave me a few reasons.

While most of the nation's largest investment brokerage firms are based in large metros like New York, Eric Needleman – the new chairman of Sterne Agee Group – said Birmingham offers some strategic advantages for the firm.

“Culturally and economically it makes a ton of sense for us to be in Birmingham,” he said. “Part of the reason people come to work at a regional firm is because of the culture, and Sterne Agee is a Southern, family-feeling firm. People aren’t working at Sterne Agee because they want to work at a Goldman Sachs."

And Sterne Agee Group CEO and President Joe Nunziata said Birmingham is also swamped with experienced professionals.

“One of the things both Eric and I realized as we have spent more and more time here is the high level of talent in Birmingham,” he said. “We are fortunate to have a great team here. We have every intention of staying in Birmingham.”